USD/MXN treads water to retrace the losses registered in the previous session, trading around 18.1600 during the Asian session on Friday. The Mexican
USD/MXN lost ground as Mexico's economic data suggests a robust labor market. Mexico’s Jobless Rate declined to 2.9% in September from the previous reading of 3%. The less likelihood of the Fed increasing interest rate is weighing on the US Dollar. Peso surged as Mexico's employment data revealed a robust labor market, showcasing the enduring strength of the Mexican economy. Mexico’s Jobless Rate dropped to 2.9% in September, down from August's 3%.
This scenario may decrease the probability of another interest rate hike by the US Federal Reserve through the end of 2023. The US Dollar Index receives downward pressure on the downbeat US Treasury yields observed in the previous session, bidding near 106.60 at the time of writing. Moreover, the Greenback faced downward pressure following recent dovish remarks from Fed Chair Jerome Powell. The Chief Policymaker stated that the central bank has no immediate plans to raise rates.
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